Eurozone industrial producer prices plunged in September as they fell 12.4% year-on-year, while EU-wide they fell 11.2%. In September 2023 compared to August 2023, the fall was 0.5% in the eurozone and 0.6% in the EU, according to the data released today by the European statistical agency Eurostat.
Industry: 2.2% decrease in EU producer prices in Q1 2023
In Greece, prices showed a new increase of 1.4% compared to the previous month of August, while on an annual basis they fell by 4.7%.
Overall at the euro area level, industrial producer prices in the zone, on a monthly basis, increased by 2.2% in the energy sector, while prices remained stable for capital goods and consumer durables and decreased by 0.2% for both intermediate goods as well as non-durable consumer goods. Prices across the industry excluding energy fell by 0.1%.
In the EU, industrial producer prices rose 2.1% in the energy sector and 0.1% for capital goods, while prices were flat for consumer durables and prices fell 0.1% for intermediate goods and by 0.2% for non-durable consumer goods. Prices across the industry excluding energy fell by 0.1%.
The largest monthly increases in industrial producer prices were observed in Luxembourg (+28.5%), Romania (+2.6%) and Bulgaria (+2.1%), while the largest decreases were recorded in Finland (-0, 9%), Cyprus and Poland (both -0.3%) and Germany (-0.2%).
Annual comparison by main industrial group and by Member State
Year-on-year Eurozone industrial producer prices fell by 31.3% in energy and by 4.8% in intermediate goods, while they rose by 3.9% in capital goods, by 4.3% in consumer durables goods and by 5.5% for non-durable consumer goods. Prices across the industry excluding energy rose by 0.5%.
Accordingly, at EU level, prices fell by 28.5% in the energy sector and by 4.7% in intermediate goods, while they increased by 3.7% in consumer durables, by 3.8% in capital goods and by 5.4% for non-durable consumer goods. Prices in the sector as a whole excluding energy rose by 0.4%.
Where were the biggest declines recorded?
The largest annual decreases were recorded in Ireland (-38.9%), Bulgaria (-32.0%) and Italy (-18.3%). The highest annual increases were recorded in Luxembourg (+23.8%), Hungary (+7.1%) and Slovenia (+3.1%).